TORONTO, Dec. 20, 2013 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") today announced that it has commenced disciplinary proceedings in respect of Peter Joseph Izzio (the "Respondent"). MFDA staff alleges in its Notice of Hearing that the Respondent engaged in the following conduct contrary the By-laws, Rules or Policies of the MFDA:
Allegation #1: On or about September 27, 2012, the Respondent performed two trades in the account of client JS without prior authorization from client JS, thereby engaging in discretionary trading, contrary to MFDA Rules 2.3.1 and 2.1.1.
Allegation #2: Between March 20, 2010 and March 12, 2012, the Respondent used or allowed to be used three pre-authorized chequing/automatic withdrawal forms signed by client PG in blank to process trades in client PG's account, contrary to MFDA Rule 2.1.1.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on February 18, 2014 at 11:00 a.m. (Eastern) in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario. The purpose of the appearance is to set a date for the hearing of this matter on its merits and address any other procedural matters and will be open to the public, except as may be required for the protection of confidential matters.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 112 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Managing Director, Enforcement